Most Gen X & Y consumers need more life insurance, but few will buy

Nearly 19 million consumers who need life insurance but have become stuck during the shopping process. Nearly 19 million consumers who need life insurance but have become stuck during the shopping process.

A LIMRA study finds majority of Gen X and Y consumers believe they need more life insurance.  At the same time, less than 20 percent say they are very likely to buy life insurance.

Insurance executives will gather at the 2015 Life Insurance Conference on April 13 – 15, in Arlington, Virginia to discuss ways to better engage consumers, closing the gap between recognized need and actual life insurance ownership.

“The study clearly shows that people recognize the value of life insurance and the risks they face being underinsured,” says Todd Silverhart, a corporate vice president at LIMRA Insurance Research. “Yet other financial priorities and confusion on what they need lead many consumers to postpone buying life insurance.”

Separate LIMRA research has identified nearly 19 million consumers who need life insurance but have become stuck during the shopping process. “At the conference, we will be discussing how authentic communication could improve engagement,” says Silverhart.

Among this year’s featured speakers are Dirk Kempthorne, former Idaho governor and U.S. senator, and current president and CEO, American Council of Life Insurers (ACLI), and Michio Kaku, physics professor at the City University of New York.

With the theme “Innovation to Opportunity,” the 2015 Life Insurance Conference will address the latest in product development, marketing, distribution, operations, administration, regulatory, and strategic issues. Hosted by LIMRA, LOMA, the Society of Actuaries (SOA), and the American Council of Life Insurers (ACLI), the conference typically draws more than 500 professionals from companies around the world.

The conference will be held at the Crystal Gateway Marriott in Arlington, Virginia. Those who register before March 17 will receive a discount. For more information or to register online, please visit: 2015 Life Insurance Conference.

 

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